Do consumers get three days to cancel purchases and contracts?

Not always. Federal laws, and state statutes in most states, provide 3-day cancellation rights for some consumer contracts. Contracts solicited by door-to-door salespeople and contracts for installment purchases or loans secured by your residence are examples of agreements where a 3-day cancellation notice must be provided to the consumer.

However, most consumer purchases and contracts are not covered by such a cancellation requirement. Never assume that you can get out of an agreement you sign. Be sure you understand the agreement and want to buy the product or service before you sign.